Aerospace
An affiliate of private investment firm Admiralty Partners Inc. acquired General Electric’s Santa Ana aerospace business unit and plans to maintain it at its present location under the name Integral Aerospace LLC, according to news reports. Terms of the deal were undisclosed. The operations produce systems and components for military and commercial aircraft. Admiralty invests in the aerospace, defense and federal information technology industries.
Education
The third president of California State University-Fullerton, Jewel Plummer Cobb, died on New Year’s Day at age 92, the school said. She was the first black woman to head a major university west of the Mississippi River, CSUF said, and worked to expand the school during her 1981 to 1990 tenure. She had been suffering from Alzheimer’s disease.
Insurance
Confie Seguros bought Auto Insurance America Corp. on undisclosed terms. The Huntington Beach-based national broker of personal and commercial insurance is a portfolio company of ABRY Partners in Boston and lists Hackensack, N.J., as an administrative headquarters. Auto Insurance America provides nonstandard auto insurance in Nevada, New Mexico and Arizona, its website said, and was owned by Western National Mutual Insurance Co. in Edina, Minn. The buy extends Confie’s Southwest reach following the purchase in December of Oasis Insurance in Mesa, Ariz., with entry into Reno, Nev., and New Mexico, a new state for the broker.
Healthcare
The state health department penalized three Orange County hospitals for licensing requirement violations that put patients at risk of injury or death. St. Joseph Hospital in Orange was fined $66,000, Anaheim Regional Medical Center $47,000, and South Coast Global Medical Center in Santa Ana $50,000.
Manufacturing
ThreeSixty Group Inc. in Irvine acquired The Sharper Image brand from Iconix Brand Group Inc. in New York for $100 million in cash. Sharper Image distributes lifestyle, electronics, wellness, fitness and travel products through a variety of department and specialty stores. ThreeSixty had licensed the Sharper Image brand from Iconix since 2008 to sell radio-controlled drones, men’s gifts and gadgets, electronics, slippers and home decor. ThreeSixty designs, manufactures and distributes consumer products to major retailers in over 70,000 retail stores.
Real Estate
The state Supreme Court heard oral arguments last week on the legality of Newport Beach’s approval of a home development at Banning Ranch. The city approved the project on 401 acres five years ago. The California Coastal Commission several months ago denied a plan for nearly 900 homes, a hotel and retail there. The court’s decision, which could come in April, could postpone efforts to pursue a revised plan, which is being contested in a separate court case. The Banning Ranch Conservancy opposes development on the property.
Restaurants
Bill Craig, founder of Hawaiian-themed Newport Beach restaurant Billy’s at the Beach and a 1964 Olympic gold medalist in swimming, died on New Year’s Day at age 71, according to news reports. Craig opened the eatery in 1993 and sold it to friend and car dealerships owner Fletcher Jones in 2011. The restaurant was closed on Jan. 3 in observance of his death. Craig had suffered from Parkinson’s disease.
